USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.02% | 2.2 Pips |  |
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| Week to-date | -0.16% | -21.4 Pips |  |
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| March | 0.02% | 2.6 Pips | |
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Upcoming key events (London Time)
Thu 12:30 PM USD GDP Annualized Fri 12:30 PM USD Personal Consumption Expenditures Price Index (1-mth) Fri 12:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
What happened lately
🇺🇸 U.S. Housing Price Index (1-mth) in January dropped to -0.1% compared to previous figure 0.1% in December 🇺🇸 U.S. Durable Goods Orders in February rose to -6.1% compared to previous figure -6.9% (revised from -6.1%) Source: Census Bureau
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What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.02% to 1.35846. Price is above 9-Day EMA while Stochastic is rising in overbought zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35604 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.36081 or trades above daily pivot 1.35842. Break above could target R1 at 1.36085. While to the downside, we are looking at 1.35604 (S1) and daily low of 1.35600 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.36081 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.36566 |
| R2 | 1.36323 |
| R1 | 1.36085 |
| Daily Pivot | 1.35842 |
| S1 | 1.35604 |
| S2 | 1.35361 |
| S3 | 1.35123 |
